Author: roymorgansocial

Late push to stop creation of super-union

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 8-Mar-18

The Australian Mines & Metals Association believes that the Federal Government can still legislate to block the merger of the Construction, Forestry, Mining & Energy Union and the Maritime Union of Australia. AMMA has suggested amending the Ensuring Integrity Bill so the Government’s public interest test for union mergers applies before a date for amalgamation has been set. In the bill’s present form, the public interest test applies before a merger date has been set, but the Fair Work Commission has already set this for 27 March. The bill has yet to be put before the Senate.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, MASTER BUILDERS AUSTRALIA INCORPORATED, NICK XENOPHON TEAM, LIBERAL DEMOCRATIC PARTY, ONE NATION PARTY

Labor a triple threat to jobs and wages: PM

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Original article by Phillip Coorey
The Australian Financial Review – Page: W3 : 8-Mar-18

Prime Minister Malcolm Turnbull has told a business summit that unemployment would rise if Opposition Leader Bill Shorten implemented his proposed minimum wage reforms. He warned that regulating increases in the minimum wage would not be sustainable unless it was accompanied by growth in the economy. Turnbull also said that Shorten’s stance on Adani’s proposed Carmichael coal mine has resulted in a "genuine" sovereign risk that could affect other projects, with a resulting impact on jobs and investment in Australia.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, ADANI MINING PTY LTD, RESERVE BANK OF AUSTRALIA, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, INTERNATIONAL MONETARY FUND

AusSuper becomes biggest retirement fund

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Original article by Sally Patten
The Australian Financial Review – Page: 26 : 8-Mar-18

NMG Financial Services Consulting has forecast that Australia’s industry superannuation funds will have more assets under management than retail funds by 2019. Data from NMG shows that industry fund AustralianSuper has replaced AMP as the nation’s largest super fund. It boasted some $A120bn worth of assets under management at the end of 2016-17, compared with $A118bn for AMP. AustralianSuper’s net inflows for 2017 totalled $A7bn, while many large retail funds had net outflows.

CORPORATES
NMG FINANCIAL SERVICES CONSULTING LIMITED, AUSTRALIANSUPER PTY LTD, AMP LIMITED – ASX AMP, NMG FINANCIAL SERVICES CONSULTING LIMITED, UNISUPER LIMITED, REST SUPER PTY LTD, HEALTH EMPLOYEES’ SUPERANNUATION TRUST AUSTRALIA LIMITED, SUNSUPER PTY LTD, HOST-PLUS, QSUPER LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, STATE SUPER SCHEME, IOOF HOLDINGS LIMITED – ASX IFL, SUNCORP GROUP LIMITED – ASX SUN, AUSTRALIA POST SUPER PTY LTD, MINE WEALTH AND WELLBEING

Jobs surge but economy still stuck in neutral

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Original article by David Uren
The Australian – Page: 4 : 8-Mar-18

Australia’s latest national accounts data shows that the economy grew by 0.4 per cent in the December 2017 quarter, and 2.4 per cent year-on-year. However, consumer spending grew by one per cent during the quarter, after revised growth of 0.5 per cent in the September quarter. Andrew Hanlan of Westpac warns that the strong growth in consumer spending may not last, noting the low growth in wages and the high level of consumer debt. The data shows that there was zero growth in the average wage during the December quarter, with annual wages growth of 1.6 per cent.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN BUREAU OF STATISTICS

Floating LNG not an option for Sunrise

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 : 8-Mar-18

Woodside Petroleum and ConocoPhillips have expressed disappointment that Australia and East Timor have not reached agreement on processing gas from the Sunrise gas field in the Timor Sea. An onshore processing facility in either Darwin or East Timor are the only options outlined in the new treaty on the maritime boundary between the two nations. Woodside has advocated the construction of a floating LNG plant. East Timor’s share of government revenue from Sunrise would be higher if the existing Darwin LNG plant is used.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, CONOCOPHILLIPS, ROYAL DUTCH SHELL PLC, PERMANENT COURT OF ARBITRATION, CARNARVON PETROLEUM LIMITED – ASX CVN

What would it take to get the Reserve Bank moving in 2018?

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Original article by Patrick Commins
The Australian Financial Review – Page: 27 : 8-Mar-18

There is speculation that the Reserve Bank may increase the cash rate in November 2018, although economists generally expect rates to remain on hold until 2019. Regardless, a rate rise in the near-term is unlikely, and the central bank seems certain to break its record for the longest consecutive run of board meetings with no change in monetary policy. Meanwhile, Chris Nicol and Daniel Blake of Morgan Stanley say that wages growth would be the key factor that would prompt the Reserve Bank to increase the cash rate in 2018.

CORPORATES
RESERVE BANK OF AUSTRALIA, MORGAN STANLEY AUSTRALIA LIMITED, CITIGROUP PTY LTD, TD SECURITIES, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

BHP heads offshore for petroleum growth

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Original article by Matt Chambers
The Australian – Page: 19 : 8-Mar-18

Steve Pastor, the head of BHP Billiton’s petroleum division, is upbeat about the potential of oil fields in the Gulf of Mexico, including the Trion project and the Wildling discovery. BHP will drill another appraisal well at Trion by the end of 2018, followed by two more in 2019. Pastor also says BHP will participate in the Mexican Government’s next auction of exploration permits in the gulf. He adds that there has been strong interest in BHP’s US shale assets, and the company could potentially swap some onshore shale acreage for offshore conventional oil assets.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, PEMEX PETROLEOS MEXICANOS

Rio iron ore mines shielded from potential US tariffs

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Original article by Brad Thompson
The Australian Financial Review – Page: 17 : 8-Mar-18

Rio Tinto has advised that the automation of its haulage trucks will result in the loss of 200 jobs at its Brockman 4 and Marandoo iron ore mines in the Pilbara. The technology will also be rolled out at the West Angelas mine. Chris Salisbury, the CEO of Rio Tinto’s iron ore division, says 25 per cent of the company’s fleet has been automated to date. He adds that the steel tariff policy of President Donald Trump is unlikely to affect demand for iron ore from the Pilbara, as a small proportion of the steel output of Rio Tinto’s Asian customers is exported to the US.

CORPORATES
RIO TINTO LIMITED – ASX RIO, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Cohn exit triggers shockwaves

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Original article by David Rogers
The Australian – Page: 17 & 27 : 8-Mar-18

Sharemarkets in the Asia-Pacific region fell on 7 March in response to the resignation of President Donald Trump’s chief economic adviser, Gary Cohn, and futures pricing suggests further bearishness on Wall Street. Cohn was an advocate of free trade, and analysts say his resignation will heighten concerns about the potential for a trade war. Reserve Bank of Australia governor Philip Lowe says there could be major ramifications for the global economy if Trump were to broaden his tariff policy beyond steel and aluminium.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, RESERVE BANK OF AUSTRALIA, IG MARKETS LIMITED, UNITED STATES. FEDERAL RESERVE BOARD, UNITED STATES. DEPT OF COMMERCE, SAXO BANK A/S, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, VISY INDUSTRIES AUSTRALIA PTY LTD, QANTAS AIRWAYS LIMITED – ASX QAN, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, DOW JONES INDUSTRIAL AVERAGE INDEX, STANDARD AND POOR’S ASX 200 INDEX, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BLUESCOPE STEEL LIMITED – ASX BSL, NIKKEI 225 INDEX, SHANGHAI COMPOSITE INDEX, HANG SENG INDEX, KOSPI INDEX, LONDON METAL EXCHANGE LIMITED

CrownBet wins race for William Hill

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Original article by Sarah-Jane Tasker
The Australian – Page: 28 : 7-Mar-18

CrownBet will become Australia’s third-largest wagering group after securing a deal to acquire the local arm of UK-based William Hill for $A300m. Rival bidder Sportsbet was trumped after CrownBet’s bid gained the support of its major shareholder, The Stars Group, which bought its controlling stake from Crown Resorts in 2017. William Hill chose to withdraw from the Australian market due to rising losses and a ban on credit betting.

CORPORATES
CROWNBET PTY LTD, WILLIAM HILL AUSTRALIA PTY LTD, WILLIAM HILL PLC, THE STARS GROUP, SPORTSBET AUSTRALIA, CROWN RESORTS LIMITED – ASX CWN, TABCORP HOLDINGS LIMITED – ASX TAH, BETSTARS, POKERSTARS, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NORTHERN TERRITORY. RACING COMMISSION